Top Cities for Land Investment in 2024

Investing in land offers a compelling avenue for savvy investors aiming to diversify their portfolios and build long-term wealth. Land acquisition is appealing because land values tend to appreciate over time, providing a stable and reliable investment. Moreover, land investment offers tax benefits and opportunities to generate passive income through agricultural leases or other practical uses.

Like any investment, potential land buyers must consider several factors, such as location, zoning laws, proximity to infrastructure, and current market conditions. Conducting thorough research and consulting experienced land investors can help guide informed decisions that align with financial goals. This article highlights the top US cities for prospective land investments in 2024.

These markets were selected based on their projected growth and redevelopment potential, as reported by the Emerging Trends in Real Estate 2024 by the Urban Land Institute and PwC. This report is informed by 1,260 survey responses and nearly 600 interviews with industry participants, including investors, fund managers, developers, property firms, lenders, brokers, and advisors.

These findings are further supported by data from Crexi Intelligence, providing comprehensive insights into these markets’ potential returns on investment.

Key Factors for Land Investing

Strong Population Growth: Cities experiencing significant population growth often see increased demand for residential and commercial spaces, leading to higher land values.

Economic Stability: Cities with consistent economic stability tend to have resilient real estate markets, which helps mitigate investment risk and enhances land value through infrastructure development.

Job Opportunities: Cities with abundant job opportunities attract more residents, increasing housing demand and driving up land prices, leading to substantial returns on investment.

15 Top Cities for Land Development in 2024

Land investing is gaining traction among investors, positioning it as a valuable component for their 2024 investment portfolios. Here are some standout US cities offering promising land development prospects in 2024.

1. Austin, TX

Austin’s vibrant economy, tech-driven job market, and cultural diversity make it a compelling investment opportunity. The city’s focus on sustainable development offers numerous redevelopment possibilities, especially in popular neighborhoods like South Congress.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.72 million
  • Price/SqFt: $740
  • Price/Acre: $434,000
• Sales Comps (past 12 months):
  • Median sales price: $538,000
  • Sold price/acre: $496,000

2. San Antonio, TX

San Antonio’s rich history and vibrant culture, combined with significant investment in housing and redevelopment projects, make it an attractive market for land investment.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $783,000
  • Price/SqFt: $20
  • Price/Acre: $256,000
• Sales Comps (past 12 months):
  • Median sales price: $249,000
  • Sold price/acre: $126,000

3. Washington, DC/Northern VA

The DMV area offers a dynamic investment environment with a strong economy supported by diverse industries, a highly educated workforce, and strategic location near major East Coast hubs.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.65 million
  • Price/SqFt: $60
  • Price/Acre: $642,000
• Sales Comps (past 12 months):
  • Median sales price: $808,000
  • Sold price/acre: $1.44 million

4. Atlanta, GA

Atlanta’s robust economy and rapid growth make it a central hub for various industries, offering substantial opportunities for land investment.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $995,000
  • Price/SqFt: $379
  • Price/Acre: $349,000
• Sales Comps (past 12 months):
  • Median sales price: $446,000
  • Sold price/acre: $136,000

5. Dallas/Fort Worth, TX

The DFW Metroplex, with its diverse economy and strong job market, is a prime destination for businesses and investors, signaling promising prospects for land investment.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $988,000
  • Price/SqFt: $20
  • Price/Acre: $318,000
• Sales Comps (past 12 months):
  • Median sales price: $366,000
  • Sold price/acre: $311,000

6. Charlotte, NC

Charlotte’s position as a major financial hub and its burgeoning tech sector make it a vibrant market for land investment.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.1 million
  • Price/SqFt: $100
  • Price/Acre: $332,000
• Sales Comps (past 12 months):
  • Median sales price: $480,000
  • Sold price/acre: $100,000

7. Houston, TX

Houston’s diverse economy and strong population growth significantly impact its real estate market, making it a promising area for land investment.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.09 million
  • Price/SqFt: $103
  • Price/Acre: $436,000
• Sales Comps (past 12 months):
  • Median sales price: $379,000
  • Sold price/acre: $213,000

8. Raleigh/Durham, NC

The Raleigh/Durham area, part of the Research Triangle, offers prime land investment opportunities due to its rapidly expanding economy and strong job market.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.12 million
  • Price/SqFt: $23
  • Price/Acre: $279,000
• Sales Comps (past 12 months):
  • Median sales price: $426,000
  • Sold price/acre: $163,000

9. Tampa/St. Petersburg, FL

Tampa’s dynamic waterfront lifestyle, robust job expansion, and strong economy make it a top destination for land investment.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.19 million
  • Price/SqFt: $119
  • Price/Acre: $615,000
• Sales Comps (past 12 months):
  • Median sales price: $522,000
  • Sold price/acre: $206,000

10. Denver, CO

Denver’s strong job market, steady population growth, and diverse economy make it an attractive market for land investment.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.97 million
  • Price/SqFt: $327
  • Price/Acre: $1.01 million
• Sales Comps (past 12 months):
  • Median sales price: $639,000
  • Sold price/acre: $530,000

11. Seattle, WA

Seattle’s status as a tech hub and its geographical constraints create a competitive land market with significant investment potential.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $2.32 million
  • Price/SqFt: $383
  • Price/Acre: $771,000
• Sales Comps (past 12 months):
  • Median sales price: $879,000
  • Sold price/acre: $889,000

12. Phoenix, AZ

Phoenix’s rapid growth and strategic location make it a top market for land investment, with significant demand for housing and commercial spaces.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $995,000
  • Price/SqFt: $184
  • Price/Acre: $486,000
• Sales Comps (past 12 months):
  • Median sales price: $523,000
  • Sold price/acre: $486,000

13. Sacramento, CA

Sacramento’s rapid population growth and job opportunities make it a compelling market for land investment, offering numerous redevelopment prospects.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $1.35 million
  • Price/SqFt: $29
  • Price/Acre: $522,000
• Sales Comps (past 12 months):
  • Median sales price: $614,000
  • Sold price/acre: $364,000

14. Tacoma, WA

Tacoma’s population growth and strategic location between Seattle and Olympia make it an attractive market for land investment, with ongoing downtown revitalization efforts.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $604,000
  • Price/SqFt: $55
  • Price/Acre: $1.41 million
• Sales Comps (past 12 months):
  • Median sales price: $357,000
  • Sold price/acre: $164,000

15. Salt Lake City, UT

Salt Lake City’s robust population growth and expanding tech sector make it a prime market for land investment, supported by strategic economic development initiatives.

Crexi Insights:

• For Sale (active):
  • Asking sale price (median): $3.5 million
  • Price/SqFt: $28
  • Price/Acre: $921,000
• Sales Comps (past 12 months):
  • Median sales price: $864,000
  • Sold price/acre: $805,000

Conclusion

These highlighted cities present significant opportunities for land investments in 2024. By staying informed about market trends and leveraging insights from multiple sources, investors can make strategic decisions and capitalize on the potential these markets offer.

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